Saturday, February 18, 2012

KUALA LUMPUR: The combined wealth of Malaysia’s 40 richest individuals declined this year as the global credit crisis and weak equity markets took a toll on them.

Malaysia’s 40 richest were collectively worth RM193.2bil as at Jan 20, 2012, a decrease of 7% compared to RM206.37bil a year ago, said Malaysian Business in its Feb 16 issue.

The local stock market remained lacklustre on the back of worries that the US economy may be heading for a double-dip recession and China for a hard landing as a result of the euro debt crisis, Malaysian Business said in a news release yesterday.

On the bright side, there were 30 billionaires this year – three more than last year.

Based on the value of stakes in listed companies as at Jan 20, Hong Kong-based Robert Kuok still tops the list at RM45.7bil despite an 8% drop in his fortunes.

T. Ananda Krishnan remains at second, narrowing the gap, however, with RM42.99bil. The tycoon’s wealth is down by about 6% this year.

Public Bank’s Tan Sri Teh Hong Piow remains third with a fortune that has remained relatively intact at RM12.64bil, a 1% decline from before.

Tiong’s wealth is estimated at RM6.41bil while Ong’s soared by 23% to RM4.92bil.

The three newcomers are Datuk A.K. Nathan of Eversendai Cor­poration Bhd and Ngau Boon Keat of Dialog Group Bhd, who both made it into the list for the first time, while Datuk Abdul Hamed Sepawi of Ta Ann Holdings Bhd returned after a lapse of four years.

Friday, February 17, 2012

BUTTERWORTH: Batu Kawan, once a rural swampland of oil palm estates, is set to become the next Bayan Lepas, Chief Minister Lim Guan Eng said. He said three major investments from Robert Bosch, Boon Siew Honda and VAT Manufacturing Malaysia totalling about RM10bil in Batu Kawan would have spillover effects on different sectors, including thousands of jobs for those living in the area.“At the same time, Batu Kawan will also have the country’s first integrated, streamlined and symmetrically designed affordable housing scheme.“We have engaged the world’s best in this field, Surbana International Consultants — the privatised building and development division of Singapore’s Housing and Development Board (HDB),” he said before performing the ground breaking for the RM2.7bil Bandar Cassia Affordable Housing Scheme yesterday. On the state’s choice of the consultancy firm, Lim said the state’s investment arm Penang Development Corporation (PDC) did not want to copy or model its affordable houses after some of the world’s best designs but to appoint the best in the industry to help with the planning. Lim reiterated that the housing project, which would be given out to local contractors via an open tender, would be ideal for the middle-income earners. “We do not want our middle-income earners to live in boxes. That is why proper planning is vital so that they can live with pride and enjoy quality living through this scheme.“This eco-friendly designed project, on an 80ha plot of land, will have about 12,000 medium-cost housing units, three football fields, a man-made river and recreation parks,” he said. Lim said the freehold units, ranging from 800sq ft to 1,000sq ft, would be housed in high-rise buildings of between nine and 16 storeys. The units are priced at between RM72,500 and RM220,000 each with a free car parking lot. He said Surbana was committed to oversee the project’s progress throughout the scheduled 10-year development period over five phases with the Phase 1 expected to be ready by 2014.“The state government will undertake the maintenance and management of these housing units once completed.” He said the various projects would ‘create’ a population of about 250,000 residents.